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Teal Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2017. TEAL ADVERTISING TRIAL BALANCE DECEMBER

Teal Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2017.

TEAL ADVERTISING TRIAL BALANCE DECEMBER 31, 2017

Unadjusted

Adjusted

Dr.

Cr.

Dr.

Cr.

Cash $17,590 $17,590
Accounts Receivable 29,200 32,624
Supplies 9,130 3,362
Prepaid Insurance 4,820 3,886
Equipment 65,520 65,520
Accumulated Depreciation-Equipment $30,610 $35,720
Accounts Payable 25,067 25,067
Interest Payable 0 150
Notes Payable 5,000 5,000
Unearned Service Revenue 7,540 6,080
Salaries and Wages Payable 0 1,235
Common Stock 10,750 10,750
Retained Earnings 3,390 3,390
Service Revenue 60,743 65,627
Salaries and Wages Expense 11,510 12,745
Insurance Expense 934
Interest Expense 410 560
Depreciation Expense 5,110
Supplies Expense 5,768
Rent Expense 4,920 4,920

$143,100

$143,100

$153,019

$153,019

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image text in transcribed

Journalize the annual adjusting entries that were made.

PART B Prepare an income statement for the year ending December 31, 2017

PART C Prepare a statement of retained earnings for the year ending December 31, 2017.

PART D Prepare an unclassified balance sheet at December 31

PART E

(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?

The annual interest rate

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%

(2) If the company paid $12,810 in salaries and wages in 2017, what was the balance in Salaries and Wages Payable on December 31, 2016?
The balance in Salaries and Wages Payable

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